yes, the entire Tilt wakes up, takes the temp and angle readings, and sends a beacon, then goes back to sleep.
There is no "connection", think of the Tilt "Beacon" as a airport or lighthouse beacon.. They do not know if a plane or ship see the beacon, they just send it.... This also why you can have multiple Tilt Apps, TiltPi's, and CBP3 setups see the same tilt... The latest version of the Tilt, I believe, is BTLE (I could be wrong), and uses very little battery... I have a friend that used to code this stuff for Cypress Semiconductor and explained to me their goal is to use current at a rate where the shelf life of the lithium battery is more of a concern... they deal in micro-amps... I definitely notice an improvement in the Gen2 Tilts, but not enough to get rid of my Gen1 units any time soon!